Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Looks like bombers had another argument with the missus. :)))
Cant argue with that lol
Look on the bright side chaps i am/was trapped in the perfect storm SOU n FRR my two largest holdings
Sigh, now wheres me noose lol
‘That’s nice if he looks at he’s share holders as twats’
You only have to read some of the posts to know it’s true though. :)
That’s nice if he looks at he’s share holders as twats
'He started to distance himself in the last couple of meetings'
Maybe he concluded there were to many twats in the room?
This rollercoaster of a Board has taken a dip down today again it seems.
For me there are constant ups and downs but there are two facts that underlie everything: Zaza is a selfish determined successful b*gger and he is not likely to forego his investment, and potential massive windfall, without giving every last effort to keep it.
Yes, employees aren't being paid, yes, we are being treated appallingly, but that is a symptom of his blind determination: win at all costs.
And if he does win, we win.
GLAlths
He started to distance himself in the last couple of meetings
Message for you 24 Jan 2019 21:30
"We will get there. Not a pleasant bump in the road but everything else is going ok. We are doing fine on all other fronts".
Zaza 17:45 Tonight
Mole says
Please sleep on things and see how they develop folks.
In answer to a poster Mole says.
On my phone. He called but I missed the call as I was driving but he left me a message.
I would urge people to calm down and act rationally. I know it's not easy but people need to look ahead and not back.
It is surprising sometimes what being civil to people can achieve. I mailed this morning when the delist tumult was getting going to ask. Simple. In spite of being busy he called back after the RNS.
Back then in the immediate aftermath ZAZA was compelled to get back to Mole. Since then it’s been a total and utter lockdown with zero communication.
Did ZAZA just decide after making that call he was going to shut out and distance himself from shareholders for some sinister reason or to run away from accountability of incompetence. Doesn’t ring true to me, something happened during those days that meant Zaza was no longer at liberty to communicate.
Same goes for Malcy who conducting himself in wholly professional manner will not comment on this for the same reasons.
GLALH
TBF, in the interview he did also say that is what he is being informed, so if it was wrong info, he was being informed wrongly. He said that.
Maybe you just get your stake back?!?
Using that analogy if it lands on green (zero) does that mean everybody loses...? Or wins?...…..
Nicely put, Regdik.
Speculation or Theory
Speculation based on no firm evidence
Theory based on more tangible threads of knowledge but no firm evidence
I now thing we are moving into the Theory mode as more and more threads are emerging.
Theory one
FRR are a bankrupted company that has yet to realise this point and are still racking up legal costs just for the hell of it and the BoD don’t mind getting a criminal record.
Theory two
FRR are clinging on to block12 using whatever means at their disposal and hopefully will sell the asset once firm ownership has been finalised.
What evidence support these theories
T1 – Unpaid lawyers, redundant unpaid staff and dodging court bailiffs are the most obvious.
T2 – The data on B12 was shared with SM’s. BH MoU, Ukraine bid, BP expanding operations in region, GG selling other blocks for prospecting, Block finding oil/gas, Redundant staff would indicate they are not going to carry on producing and GG still talking with the company are the most obvious.
There is also a raft of other speculation
Cayman lawyers badly advised FRR and hence their possible none payment (to date) as this seems to become a complete dogs dinner. Current lawyers filing to leave FRR (in good order) but will not divulge privileged information (only in closed session). Oppsi’s find of moving of the registered office with links to specialist asset protection/liquidation firms that have direct association with BP legal. GG still in negotiation/arbitration with FRR (proof of life). Hope going after personal redress with BoD rather than FRR seems to indicated the licence is slipping away from him.
Theories are stronger than speculation so I think this mess has moved on to either we have lost it all but BoD have yet to see this or we are crawling out of the mess and may emerge with something. Everybody bets are in place and the croupier has said NO MORE BETS (a long time ago) as the wheel slows down – will it be red or black.
Ah yes, Malcolm Graham-Wood. He's been quiet since that upbeat statement.
Zaza is trapped in a revolving door at the Last chance saloon, where the fat lady keeps lifting the mic up to start singing but stops as he goes out of sight, until he comes round again (Luckily for us FRR has paid the electric bill for the speakers to work anyway).
Wish I could turn off till end of Jan but know no doubt I'll be checking on here nearly every day for a morcel of hope to add to my small pile of crumbs. The last indirect word from zaza to shareholders...
' ‘business as usual’ stance as the operations on the ground are very much in full swing and I suspect that this is not the last we have seen of the company.
Shareholders, I am told should sit tight, there may be a consolidation of the shares but they are still very much worth holding on to as a re-listing is very much on the cards and I understand that shareholder meetings etc will carry on. The court case can be attended to and the financing put in place, on the ground they are working with potential partners of significant size in Georgia.'
How much has the picture changed I wonder. By the abscense, it appears that arbitration was never a worry at the time and maybe they didn't anticipate it to become apparent financial choke hold on the company it is now.
Tsbs, Zaza has said many things and promised many things. He seems to have lost credibility with his workers who have had promises broken. He may have good intentions but he is not in control the court cases, the arbitration, the Georgian Govt, the super majors (who could just be waiting for him to fail). We are all hoping Zaza will triumph in the end (and take us with him) but he's given no words of reassurance other than 'Frontera will continue to grow as a private company.'
Pophead, thanks for the morale boost. GLA
Zaza did state that the arbitration request was like "a sledgehammer to crack a nut"
To me this does imply that what is at stake in the outcome is a relatively small part of of the whole, which implies that the outcome probably won't be VERY bad.
We just need it sorted and so we can move on swiftly.
The company received the revenues of approximately $1.04 million in 2004 from
the Georgian crude oil sales. Considering the terms of the PSA (the company retains
the entire oil profits until the total costs and expenses are recovered, and the
company is exempt from any tax liability), and the stated investment volume of $70
million, the company will not be making payments to the state for a forseeable
future, unless the production of oil raises sharply. The company does not publish
information on the volume of the extracted oil. The monitoring activities of the
company’s operation in Georgia should focus on the size of the actual investement
in the country, and the volume of the extracted oil from each field. The PSAs of the
company should be made publicly available, as well as the documents related to the
tender process that granted the company such adventegious terms and conditions
for extracting Georgian gas and oil.
Looks to me like the court case with Hope (both ways) is a stale mate so yes there is the question of who foots the bill but as the entire asset was at stake paying the legal bills but keeping the asset doesn't seem like such a bad deal..
As was posted yesterday this old article detailing the orgional PSA...
http://www.osgf.ge/files/newsletterENG/transparency_background_report_ENG_UiZKc6FJJ.pdf
This comment stands out
"The PSAs of the company should be made publicly available, as well as the documents related to the tender process that granted the company such adventegious terms and conditions for extracting Georgian gas and oil. "
FRR clearly got very good terms on the orgional PSA presumably at the time the GG were trying to lure anyone to come in and prospect.. as it turns out it was a long and arduous process but seems to have borne fruit so now its hardly any wonder the PSA is being renegoitated vigourous, From Zaza last comments (if they are to beleived) this seems to tbe the 'last' stumbling block, how this will be resolved none can say but it does feel like it will be this that brings the conclusion either a good PSA resulting in a deal and the payment of due loans or a bad PSA result which will be the end of the road.
As was posted recently about another arbitration that went very badly against a company (inexplicably and unexpected) it sees the process can be quite haphazard but it does feel like that the arbitration holds the key and that we are going to have to wait.
Chin up Zen. The pendulum swings, it seems to have paused a little too long on the negative arc but it’s not over. Wait for that swing back down and up.
It's not looking good that's for sure, Zaza miss Judged hope big time, to the cost of the the shareholders and the company, a major will just wait in the side lines and pick it up on the cheap without all the crap associated!!! Imo.
You may be right, Steve. We are all looking for hidden motives and cunning plans but from the outside it looks like things did not unfold as expected and, as Zaza recently said, the company is in crisis.
Perhaps it has been simply a VERY expensive, VERY time consuming way, to get Hope off the board of directors.
Legal bills for FRR are going to be huge.
It will all be worth it if a major deal transpires. If not it could be curtains.
I believe you are right, Seingred, about the lack of counsel for arbitration. As Mole said, 'the optics do not look good' - apart from the alleged extension to 2027 of the licence. If only both sides had listened to Kawaley and reached an OOC settlement at the end of last year.
I would say that frr offered to withdraw because their council told them it is a waste of time and they would not carry on any further because of its futility and lack of finance to pay and most likely frr unable to furnish required information to their counsel.just my opinion .am i correct that we have presently no counsel for the arbitration also.I fail to see how this is positive.so frr delay the arbitration ,meanwhile workers go on strike.doesnt seem like a cunning plan to me.sounds like running out of road.
Yet to see the proof of proffesional guidance but maybe this chrimbo is the one.gla